Questions across 12 calls

Shveta Arya

Firm not listed in source transcripts

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2026-05-29

Thanks, Parikshit, for the question. As you rightly pointed out, the data center growth as well as growth in the CPCB IV+ segments in power generation, while we do have products that we buy from related parties, localization content for us, for both the products that go in the data centers and the ones that go in CPCB IV+, the localization content is already very high. We are only importing some of those parts which largely don't have very significant supply chain in India. The most significant components are all localized in India. So that is not a challenge for us. And the content that we put beyond what we buy from related parties as a percentage is also very high. So we do not see these impacting our margins as much. They have not. In fact, in the last few quarters, you have already seen how the growth has been and how our margins have been. So these transactions have not impacted our margins dramatically.

The way we look at it, you're right, yes, the 95 -liter is imported. So the India market is still largely on the 60 liter. And as the market moves, we always evaluate what is that we can do more in India. So going forward, the way we look at it and our outlook is that we continuously evaluate what more can we do in India. We like to keep our margins intact for growth.

Cummins India Limited CC-Jun26.pdf · 2026-05-29

Thanks, Parikshit, for the question. As you rightly pointed out, the data center growth as well as growth in the CPCB IV+ segments in power generation, while we do have products that we buy from related parties, localization content for us, for both the products that go in the data centers and the ones that go in CPCB IV+, the localization content is already very high. We are only importing some of those parts which largely don't have very significant supply chain in India. The most significant components are all localized in India. So that is not a challenge for us. And the content that we put beyond what we buy from related parties as a percentage is also very high. So we do not see these impacting our margins as much. They have not. In fact, in the last few quarters, you have already seen how the growth has been and how our margins have been. So these transactions have not impacted our margins dramatically.

The way we look at it, you're right, yes, the 95 -liter is imported. So the India market is still largely on the 60 liter. And as the market moves, we always evaluate what is that we can do more in India. So going forward, the way we look at it and our outlook is that we continuously evaluate what more can we do in India. We like to keep our margins intact for growth.

FY2025 Q3 · 2026-02-05

Shirom, thanks for the question. So, our revenue is a mix of Power Gen across many nodes and then Industrial business and Distribution. So, it's a mixed bag. There is volume growth in certain spaces in power generation. There is also pricing impact. And Distribution business, of course, has a lot of volume growth as well as pricing. So, it's a mix. It's both volume and pricing. It will be difficult for us to separate that out segment by segment for you and share that.

We do not have any syndicated research numbers available for this quarter, which can tell us what the market share would be. So unfortunately, I will not be able to give that information.

Cummins India Limited CC-Feb26.pdf · 2026-02-05

Shirom, thanks for the question. So, our revenue is a mix of Power Gen across many nodes and then Industrial business and Distribution. So, it's a mixed bag. There is volume growth in certain spaces in power generation. There is also pricing impact. And Distribution business, of course, has a lot of volume growth as well as pricing. So, it's a mix. It's both volume and pricing. It will be difficult for us to separate that out segment by segment for you and share that.

We do not have any syndicated research numbers available for this quarter, which can tell us what the market share would be. So unfortunately, I will not be able to give that information.

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-11-07

Thanks for the question, Umesh. So from a parent perspective, yes, they have record intake of power gen orders. That is related to data center market very specifically in the U.S. and also in Europe. But one of the fastest-growing data center markets in the world is U.S. where some large orders have been taken in by the parent. From an India perspective, our market from a power gen perspective, our order intake is more diversified. It continues quarter-on-quarter. There is no specific change as I see it in the coming quarters. We have good backup power gen demand in the market across different segments, and that continues.

Yes. So let me answer the volumes that you asked for low horsepower and medium horsepower. Across the range in the power gen market, the volumes are now back to pre CPCB IV+ era. The annual volumes that we used to see in the market in CPCB II, we are almos t back to the same volumes now across the segments. Pricing has settled down. Of course, there are competitive pressures in the market. So pricing is an ongoing moving thing, which we continue to evaluate. It has largely adjusted after CPCB IV launch, and we are where we are at this point in time. Now there are segment-wise tweaks that continue happening, which is part of the regular business. From a power gen growth perspective, let me help you a little with that. So power gen overall across the board, be it low horsepower, medium range, heavy duty, what we call high horsepower, we saw growth across the range. We definitely saw better growth in the low horsepower market. Also, in this particular quarter, we had a very, very good execution on the data center demand. So specifically for this quarter, because of our projects business, execution in the data center space happening really well, there is a high growth in that particular segment. I hope that helps.

Cummins India Limited CC-Nov25.pdf · 2025-11-07

Thanks for the question, Umesh. So from a parent perspective, yes, they have record intake of power gen orders. That is related to data center market very specifically in the U.S. and also in Europe. But one of the fastest-growing data center markets in the world is U.S. where some large orders have been taken in by the parent. From an India perspective, our market from a power gen perspective, our order intake is more diversified. It continues quarter-on-quarter. There is no specific change as I see it in the coming quarters. We have good backup power gen demand in the market across different segments, and that continues.

Yes. So let me answer the volumes that you asked for low horsepower and medium horsepower. Across the range in the power gen market, the volumes are now back to pre CPCB IV+ era. The annual volumes that we used to see in the market in CPCB II, we are almos t back to the same volumes now across the segments. Pricing has settled down. Of course, there are competitive pressures in the market. So pricing is an ongoing moving thing, which we continue to evaluate. It has largely adjusted after CPCB IV launch, and we are where we are at this point in time. Now there are segment-wise tweaks that continue happening, which is part of the regular business. From a power gen growth perspective, let me help you a little with that. So power gen overall across the board, be it low horsepower, medium range, heavy duty, what we call high horsepower, we saw growth across the range. We definitely saw better growth in the low horsepower market. Also, in this particular quarter, we had a very, very good execution on the data center demand. So specifically for this quarter, because of our projects business, execution in the data center space happening really well, there is a high growth in that particular segment. I hope that helps.

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-08-08

Thank you, Parikshit. Thanks for the question. We have just launched the BESS solution in India. We are still building the order board. We are meeting customers at this point in time to share our value proposition on the BESS. So just recently launched, the order board is just getting built. We will see how we are seeing the results in the market, what are the customers asking, what do they need? And accordingly, we will take calls on future supply chain and manufacturing. For the time being, our focus is to ensure that the customers understand our value proposition on the BESS. The risk, as you mentioned, of cannibalization, as far as possible, we don't see this. We do see our customers wanting a mix of energy capabilities. So while genset is for their backup power, there is a mix -- a good mix -- energy mix that battery energy s torage provides, especially for customers who might also have solar power in their premises. So the battery can be used to store that solar power. So we see this getting added to our portfolio. As of now, we do not see a risk of cannibalization. I hope that answers your question.

We're starting with C&I customers. The nodes that we have launched are for C&I customers. Like I said, we will showcase our value proposition to our customers and then take calls of whether we could go to utility grade or not. We will absolutely evaluate t hat as we go along in the next few months.

Cummins India Limited CC-Aug25.pdf · 2025-08-08

Thank you, Parikshit. Thanks for the question. We have just launched the BESS solution in India. We are still building the order board. We are meeting customers at this point in time to share our value proposition on the BESS. So just recently launched, the order board is just getting built. We will see how we are seeing the results in the market, what are the customers asking, what do they need? And accordingly, we will take calls on future supply chain and manufacturing. For the time being, our focus is to ensure that the customers understand our value proposition on the BESS. The risk, as you mentioned, of cannibalization, as far as possible, we don't see this. We do see our customers wanting a mix of energy capabilities. So while genset is for their backup power, there is a mix -- a good mix -- energy mix that battery energy s torage provides, especially for customers who might also have solar power in their premises. So the battery can be used to store that solar power. So we see this getting added to our portfolio. As of now, we do not see a risk of cannibalization. I hope that answers your question.

We're starting with C&I customers. The nodes that we have launched are for C&I customers. Like I said, we will showcase our value proposition to our customers and then take calls of whether we could go to utility grade or not. We will absolutely evaluate t hat as we go along in the next few months.

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-05-29

Thanks for the question, Parikshit. As you mentioned, decline of 7% in Powergen year-on-year. This is largely owing to the fact that the same quarter last year had pre-buy sales of CPCB II. So this is not with respect to just this year. Last year saw higher sales because of the pre-buy. And from a quarter -on-quarter perspective, we usually see that the quarter which ends on December, there is good velocity of sales where lots of inventory moves in to the GOEM and then out into the market. Also, now we are seeing full CPCB IV plus sales in the market. So I think these are all the factors as we compare last year and last quarter sales in Powergen.

The volumes in CPCB IV plus are not completely matching up to CPCB II. But every quarter, we are seeing increase in the volume trend. I think another quarter or 2 to see the volumes causing CPCB II numbers, not yet.

Cummins India Limited CC-Mar25.pdf · 2025-05-29

Thanks for the question, Parikshit. As you mentioned, decline of 7% in Powergen year-on-year. This is largely owing to the fact that the same quarter last year had pre-buy sales of CPCB II. So this is not with respect to just this year. Last year saw higher sales because of the pre-buy. And from a quarter -on-quarter perspective, we usually see that the quarter which ends on December, there is good velocity of sales where lots of inventory moves in to the GOEM and then out into the market. Also, now we are seeing full CPCB IV plus sales in the market. So I think these are all the factors as we compare last year and last quarter sales in Powergen.

The volumes in CPCB IV plus are not completely matching up to CPCB II. But every quarter, we are seeing increase in the volume trend. I think another quarter or 2 to see the volumes causing CPCB II numbers, not yet.

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-11-08

So you're right, CPCB IV+ was announced last year, and then we transitioned to full CPCB IV+ this year, 1st of July. We are watching this space. We had launched our products last year. We are seeing all the other products from other players getting launched now. And so I think we will see what happens to pricing in the coming 2 quarters. That's how I think this will play out in the next 2 quarters.

We are mostly maintaining those prices as of now since we launched.

Cummins India Limited CC-Sep24.pdf · 2024-11-08

So you're right, CPCB IV+ was announced last year, and then we transitioned to full CPCB IV+ this year, 1st of July. We are watching this space. We had launched our products last year. We are seeing all the other products from other players getting launched now. And so I think we will see what happens to pricing in the coming 2 quarters. That's how I think this will play out in the next 2 quarters.

We are mostly maintaining those prices as of now since we launched.